2014 is a good year for Camma. Profit after tax increased remarkably in the rate of 46.36% compared to 2013 that is equivalent to US $ 232,046. This is the result obtained from the efforts of all of our staff in managing the quality and quantity of credit and controlling the cost effectively. For motivation, Camma has offered a-three-month incentive for all employees at the end of 2014.
The result of this profit also reflects on the size of Camma’s credit operations. Credit balance in 2014 compared to 2013 increased 24.73% to US $ 4,736,462. Credit risk ratio is at the rate of 1.08%. Clients increased approximately 14.9%. Most clients use Camma’s credit in order to meet their needs in family and for their small and medium-sized business which equals to 39% and 32% of total credits. Camma continues to expand its operational areas widely in Phnom Penh and in Kandal province, covering up to 213 villages, 80 communes and 23 districts and Khan.
This indicates the strength of Camma from year to year by stepping forward to compete with more and more competitors in microfinance market. Camma’s strategy in competition is to provide the fastest and the best service to clients through skillful and ethic staff. In order to maintain the competitive advantage, Camma remains to invest in the development of knowledge and skills to all staff, as well as the improving institution to have a good and impressive working environment for employees and clients.
In 2015, Camma prepares a strategic plan for five years (2015-2020) to be completed, and we have confidence that this strategy will make Camma get successful in performing its vision and mission. Our main strategy is to extend the operating areas to approach the poor clients who need our credit to improve their living conditions and to accumulate the appropriate sources of capital for supporting our operations.
Finally, I would like to thank to all of our 910 clients in Phnom Penh and Kandal province who use Camma’s credit. I would also like to thank to shareholders, the Board of Director, cooperative partners, the National Bank of Cambodia, the Association of Cambodian Microfinance and authorities at all levels that trust on Camma’s operation and always keep on backing our activities. Meanwhile, I would like to thank all Camma’s staff in willing to serve clients professionally and ethically. Working together of our staff will make Camma get more successful as expected.
In this opportunity, I would like to present financial statements in 2014 which been audited. I hope that this report will make everyone more aware of Camma’s credit’s operation.